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Analysis of Bitcoin for November 6, 2017

The Bitcoin has been quite corrective and bearish after breaking above the $7,000 price level. The gain after the break above the $7,000 level was quite corrective and volatile which was quite as expected as the price has moved impulsively in a non-volatile manner recently which lead to certain retracement. As of the recent opening of cryptocurrency trading platform in China, the Bitcoin has gained good momentum which is expected to extend further in the future. The market sentiment is still quite in favor of the Bitcoin bullish momentum and as the price remains above $7,000 price level the non-volatile bullish structure is expected to continue further. Any deeper pullback towards $6,500 or $6,000 will not be a fact of worry as the bullish trend is expected to be intact until price remains above $6,000 support area. As the bullish bias continues the price is expected to reach $8,000 price level soon.

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